Originally published on: November 29, 2024
Bitcoin surged above $98,500 on November 29th, signaling that bullish momentum is strong, with the potential to push prices above the psychological $100,000 mark. Analysts reported that Bitcoin whales acquired around 16,000 Bitcoin during a dip on November 26th, indicating strong institutional interest.
As Bitcoin continues its upward trajectory, the focus also shifts to other cryptocurrencies like Ethereum (ETH). Market analysts predict Ethereum could reach $4,000 before January 20th, coinciding with significant events in the political landscape.
Bitcoin’s rally has sparked interest in various altcoins, although many are still below their all-time highs. Market analysts suggest that altcoins may see volatile movements until Bitcoin surpasses $100,000.
Will Bitcoin maintain its climb above $100,000, or will bears assert dominance? The trajectory of altcoins remains uncertain. Let’s dive into the analysis of the top 10 cryptocurrencies to get a clearer picture of the market.
Bitcoin experienced an inside-day candlestick pattern on November 28th, breaking above $97,208 the following day. If bulls can sustain momentum above $100,000, the next targets are $113,331 and $125,000. However, a sharp downturn could lead to a retest of support levels at $91,129 and $85,000.
Ethereum showed signs of the downtrend ending by surpassing the downtrend line on November 27th. A close below the 20-day EMA ($3,271) could indicate a bull trap, while a rebound would pave the way for rallies to $3,900 and $4,094.
Other cryptocurrencies like Solana (SOL), Binance Coin (BNB), XRP, Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), TON, and Shiba Inu (SHIB) are also showing promising trends with potential price movements.
Bitcoin and altcoins are at a crucial juncture with key levels to watch for potential breakout or retracement. Stay tuned for more updates on the cryptocurrency market as the battle between bulls and bears intensifies.